(CNN) -- The American captain of a cargo ship held hostage by pirates jumped overboard from the lifeboat where he was being held, and U.S. Navy SEALs shot and killed three of his four captors, according to a senior U.S. official with knowledge of the situation.

Capt. Richard Phillips was helped out of the water off the Somali coast and is uninjured and in good condition, the official said. He was taken aboard the USS Bainbridge, a nearby naval warship.

At the time of the shootings, the fourth pirate was aboard the Bainbridge negotiating with officials, the source said. That pirate was taken into custody.

(CNN) -- The American captain of a cargo ship held hostage by pirates jumped overboard from the lifeboat where he was being held, and U.S. Navy SEALs shot and killed three of his four captors, according to a senior U.S. official with knowledge of the situation.

Although this was the original report the official Navy report was that the American Captain was tied up on the lifeboat when a weapon was pointed at him. At that moment all three pirates on the lifeboat were in plain view, one through a window and two sticking their head out of a hatch. Three Navy Seals each fired one shot to the head of a pirate - three dead pirates one safe Captain. We old Navy guys called this "OWNED!"

Apparently the fourth pirate was on board the Navy ship trying to give up and get away from his fellow pirates at the time of the shooting. He potentially faces life in prison.